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Ethereum Price Analysis: ETH drops another 10 percent, finds support at $3,100

Ethereum Price analysis

TL;DR Breakdown

  • Ethereum price analysis is bullish today.
  • ETH/USD saw a reaction higher at $3,000.
  • Slow retracement was seen overnight.

Ethereum price analysis is bullish today as we expect further recovery after a sharp drop yesterday took the market to $3,100. Likely bears are finally exhausted, and ETH/USD is now ready to retrace.

Ethereum Price Analysis: ETH drops another 10 percent, finds support at $3,100 1
Cryptocurrency heat map. Source: Coin360

The market traded mostly in the red over the last 24 hours. The market leaders, Bitcoin and Ethereum, lost 1.13 and 1.1 percent, respectively. The rest of the top altcoins follow with a similar slight loss.

Ethereum price movement in the last 24 hours: Ethereum reacts higher at $3,100

ETH/USD traded in a range of $3,117.38 – $3,252.15, indicating substantial volatility. Trading volume declined by 24.57 percent, totaling $17.38 billion, while the total market cap trades around $383 billion, resulting in a market dominance of 19.27 percent.

ETH/USD 4-hour chart: ETH looks to recover? 

On the 4-hour chart, we can see the Ethereum price reacting to $3,200 today as sellers cannot sustain further downside.

Ethereum Price Analysis: ETH finds drops another 10 percent, finds support at $3,100
ETH/USD 4-hour chart. Source: TradingView

Ethereum price saw slow retracement from the previous drop at the beginning of the week. After reaching $3,900, bulls failed to push the market any higher on the 5th of January.

From there, ETH/USD saw another drop of 13 percent to the $3,300 mark. After a slight pause, more downside was reached early yesterday at $3,100.

Likely Ethereum price action has seen enough decline over the past days, and bears are finally exhausted. This market development should lead ETH/USD to retrace over the next few days. However, the overall momentum is still heavily bearish.

Ethereum Price Analysis: Conclusion 

Ethereum price analysis is bullish today as the $3,100 support should hold the market for now. Therefore, we expect more recovery for ETH/USD over the next days.

While waiting for Ethereum to move further, see our articles on Coinbase Vault vs Wallet, Cardano price prediction, and crypto tax-loss harvesting.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

Lapin

Lapin

Lapin is an experienced freelance Crypto and Financial market writer and analyst. He has been trading for several years and holds a bachelor’s degree in Finance.

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